Submission In Response To Recommendations Of Financial System Inquiry Final Report

COTA has historically taken an active interest in how well the financial system meets the needs of older people, for example as a long standing and active member of the ASIC Consumer Advisory Panel.

We provided submissions to the Financial System Inquiry in April 2014 and in response to the Financial System Inquiry Interim Report in August 2014.

In the latter submission COTA stated that overall we were pleased with the Interim Report. We agreed with the three principles underpinning the analysis that require the financial system to be efficient in its allocation of risk and resources, provide stability and reliability and be fair and accessible. We also agreed with the assessment that overall the Australian financial system is performing reasonably well and were supportive of concentrating the final recommendations on the areas needing most improvement.